3,000,000 of Ghana’s oil revenue was utilized to build the capacity of the Musicians Union of Ghana (MUSIGHA), as per the Public Interest and Accountability Committee (PIAC).
Talking on the Morning Starr on Thursday, the Technical Manager of PIAC, Mark Agyemang additionally uncovered that more than 91% of the all out oil revenue has effectively been used.
“We built the capacity of MUSIGHA. We constructed the capacity of Musigha and it was 3 million Ghana cedis. Musigha and the overall capacity building like Subsidy of tests expense for understudies, arrangement of school outfits, course readings, arrangement of chalks were likewise capacity building simply that a portion of the cash discovered its way into regions that were not into the capacity building like MASLOC, Musigha, Exim Bank and each one of those spaces, you’ll not see their center capacity-building activity.
“9% [oil revenue] went into the legacy reserve, 21% went into the adjustment store. 30% went to GNPC and 40% has been spent through the public financial plan… It’s significant for Ghanaians to realize that we’ve understood $6.523bn oil cash and 91% of it has been used.”
Mr. Agyemang added that Ghana’s debt stock has expanded since the nation begun business oil creation.
“Since we started delivering oil, our debt rate has been expanding and 90% of the withdrawals from the adjustment reserve have gone to the sinking asset to pay the debt. The adjustment store has helped however we’re over-depending on the adjustment reserve yet we’ve different wellsprings of revenue that we can use to help what the adjustment reserve is doing.”